Home Sales Likely At Or Near Peak In Valley

The Arizona Republic reports that Valley housing analysts say that our local homes sales are near or at a peak, but that any slowing should be less than what is expected nationally. Housing experts are calling for Valley home prices to increase next year by at least 10%, double the rate the NAR forecast for the U.S. housing market.

Metro Phoenix homes sales are currently 25% ahead of last years record pace. "No one says the market is going to crash, only that the housing market's growth rate won't continue at this pace," said Jay Butler, director of the Arizona Real Estate Center at ASU. This year, the median price of a U.S. existing home is expected to climb 10.5%, to reach $204,000. Through June, the median price of an existing Metro Phoenix home had already jumped 32%, to hit a record $250,000. More...